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2018-04-12 08:02:25

UFI

Unifi

$37.39

-0.37 (-0.98%)

08:02

04/12/18

04/12

08:02

04/12/18

08:02

Unifi to acquire dyed yarn business, assets of National Spinning Co.

Unifi announced that its domestic operating subsidiary, Unifi Manufacturing, has entered into an agreement to acquire the dyed yarn business and assets of National Spinning Co. The acquisition is expected to enhance Unifi's position as a leading producer of dyed staple and filament yarn in the region, and will add acrylic and wool products to the company's dyed yarn portfolio. The companies expect the transaction to close in May 2018, subject to typical closing conditions. Unifi intends to transition the dyed yarn business from National Spinning's facility in Burlington, N.C., to Unifi's state-of-the-art dye house in Reidsville, N.C. Once completed, Unifi expects its Reidsville dye house to operate on a seven-day schedule, allowing the Company to deliver on quick lead times and enhance responsiveness to customer needs. To help make the acquisition as seamless as possible, key National Spinning sales, technical and operations personnel will join Unifi as employees, and the Company will also extend employment offers to other members of National Spinning's skilled workforce.